South Gate Defaults Less on Home Mortgages Than Lynwood

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The number of foreclosed starts has begun to decrease significantly statewide. This summer, throughout the nation there was a healthy overall decrease of 13 percent, but California recorded a massive drop of 42 percent.

During the month of August, approximately 1 in 340 households received notice of foreclosure in California after defaulting on their mortgage, according to RealtyTrac.

Both South Gate and Lynwood registered smaller percentages of notices than that of the state.

According to RealtyTrac, 1 in 378 homes received a notice of foreclosure in South Gate during August. While in Lynwood it was 1 out 371 homes that received a notice.

Lynwood registered a total of 111 foreclosed properties as of early October. South Gate registered 107 foreclosed properties during the same time period.

In the past two months, South Gate has showed a drop in the total number of foreclosed homes. Bank-owned homes in South Gate decreased by approximately 43 during this time period.

In fact, South Gate has shown a huge drop since May, when a total of 300 homes were listed as foreclosed.

Smaller rate of foreclosure notifications and foreclosures were not the only healthy real estate signs of improvement in both cities.

The average prices of a home sold also increased slightly during August, according to DataQuest.

In Lynwood the sales price median rose by close to 1 percent, after growing from $210,000 in 2011 to $218,000 in 2012.

While in South Gate, the sales price median increased by 3.91 percent.  Homes sold had a price increase from, 3 grown from $230,000 in 2011 to $239,000 in 2012.

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